SmartStop Releases Q2 2026 Earnings: Recap & CEO Statement

Posted by Modern Storage Media on Aug 6, 2026, 9:12:28 AM

SmartStop Self Storage REIT has released its earnings reports for Q2 2026. The company posted solid second-quarter results, with increases in revenue, net income, adjusted FFO, and same-store NOI driven by strong revenue management and expense control. The performance led the company to raise its full-year guidance, even as same-store occupancy dipped slightly from a year ago.

“We posted a strong quarter of growth, highlighted by 17.6% year over year increase in our Funds from Operations as Adjusted per share. Our strong same-store results were driven by our revenue management platform, talented operations and store level teams, growing efficiencies from scale, and effective expense control. Further, our same-store operating margins were 67.3% this quarter, up 150 basis points year over year. These improvements in our core operations led us to increase our 2026 same store NOI guidance and FFO per share guidance.”

–H. Michael Schwartz, Chairman and CEO of SmartStop

 

Key Q2 2026 Highlights:
  • Net income attributable to common stockholders was approximately $11.2 million. This represents an increase of approximately $19.6 million when compared to the same period in 2025. Net income per share of Common Stock, (basic and diluted) was $0.20. This represents an increase of approximately $0.36 per share when compared to the same period in 2025.
  • Total self storage-related revenues were approximately $65.8 million, an increase of approximately $4.9 million when compared to the same period in 2025.
  • FFO, as adjusted (attributable to common stockholders and Operating Partnership (“OP”) unit holders), was approximately $29.3 million, an increase of approximately $4.9 million when compared to the same period in 2025.
  • FFO, as adjusted per share and OP unit outstanding – diluted was $0.49, an increase of approximately $0.07 per share when compared to the same period in 2025.
  • Same-store revenues increased by 1.3%, same-store property operating expenses decreased by 3.4%, and same-store net operating income (“NOI”) increased by 3.7% compared to the same period in 2025.
  • On a constant currency basis for SmartStop’s Canadian properties included in its wholly-owned same-store pool, its aggregate same-store revenues for all properties included in the pool increased by 1.3%, same-store expenses decreased by 3.4%, and same-store NOI increased by 3.7% compared to the same period in 2025.
  • Same-store average physical occupancy was 92.5%, a decrease of approximately 0.6% compared to the same period in 2025.
  • Same-store annualized rent per occupied square foot was approximately $20.33, an increase of approximately 1.9% when compared to the same period in 2025.

 

 

 

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